Common use of Maintenance of Policy Clause in Contracts

Maintenance of Policy. The Bank acquired the Policy through the payment of a single premium, and the Insured acknowledges that the Bank is under no obligation to pay any additional premiums to maintain any particular level of death benefit coverage under the Policy. Subject to the foregoing limitation and the provisions of Section 8 below, the Bank shall take all other actions within the Bank’s reasonable control to keep the Policy in full force and effect; provided, however, that the Bank may replace the Policy with a comparable policy or policies so long as the Insured’s beneficiaries will be entitled to receive an amount of death proceeds substantially equal to those that the beneficiaries would be entitled to receive if the original Policy were to remain in effect. If any such replacement is made, all references herein to the “Policy” shall thereafter be references to such replacement policy or policies. If the Policy contains any premium waiver provision, any such waived premiums shall be considered for the purposes of this Agreement as having been paid by the Bank. The Bank shall be under no obligation to set aside, earmark or otherwise segregate any funds with which to pay its obligations under this Agreement. (a) Notwithstanding anything in this Agreement to the contrary, no amounts shall be due or owing to the Insured or the Insured’s estate or beneficiaries under this Agreement if, for any reason: (i) the insurance company identified on Exhibit C (the “Insurer”) or any successor Insurer or substitute or replacement Insurer denies a claim under the Policy; (ii) the Insurer or any successor Insurer or substitute or replacement Insurer fails to pay a claim under the Policy, whether as a result of a bankruptcy, insolvency or other similar proceeding being instituted by or against the Insurer or any successor Insurer or substitute or replacement Insurer or for any other reason; or (iii) no death benefits have been paid under the Policy to the Bank (or, to the extent of any endorsement by the Bank to the Insured, to the Insured’s estate or beneficiaries). The Insured and his beneficiaries shall hold the Bank harmless from any payment obligation hereunder to the extent that such obligation is negated by the occurrence of an event described in Subsections (i), (ii) or (iii). (b) It is the intent of the parties that this Agreement shall provide for a death benefit only and shall not provide the Insured with a right to the cash value of the Policy or any retirement or deferred compensation benefits or rights. (c) It is the intent of the parties that any of the Insured’s rights to payment hereunder shall be funded solely from the Policy proceeds, and the Bank shall have no liability or obligation to the Insured in the event of non-payment of death proceeds under the Policy or a default by the Insurer for any reason. (d) The Insured shall assist the Bank in obtaining the Policy by, from time to time and promptly upon the request of the Bank, supplying any information necessary to obtain the Policy and submitting to any physical examinations required therefor.

Maintenance of Policy. The Bank acquired It is the Policy through the payment of a single premium, and the Insured acknowledges that the Bank is under no obligation to pay any additional premiums Bank’s intention to maintain any particular level a life insurance policy for the benefit of death benefit coverage under the PolicyInsured. Subject to the foregoing limitation and the provisions of Section 8 belowAccordingly, the Bank shall be responsible for making any required premium payments and to take all other actions within the Bank’s reasonable control in order to keep the Policy in full force and effect; provided, however, that the Bank may replace the Policy with a comparable policy or policies so long as the Insured’s beneficiaries will be entitled to receive an amount of death proceeds under Section 6 substantially equal to those that the beneficiaries would be entitled to receive if the original Policy were to remain in effect. If any such replacement is made, all references herein to the “Policy” shall thereafter be references to such replacement policy or policies. If the Policy contains any premium waiver provision, any such waived premiums shall be considered for the purposes of this Agreement as having been paid by the Bank. The Bank shall be under no obligation to set aside, earmark or otherwise segregate any funds with which to pay its obligations under this Agreement, including, but not limited to, payment of Policy premiums. (a) a. Notwithstanding anything in this Agreement to the contrary, no amounts shall be due or owing to in the Insured or the Insured’s estate or beneficiaries under this Agreement if, event that for any reason: (i) i. the insurance company Insurer identified on in Exhibit C (the “Insurer”) C, or any successor Insurer or substitute or replacement Insurer Insurer, denies a claim under the Policy; (ii) . the Insurer or any successor Insurer or substitute or replacement Insurer fails to pay a claim under the Policy, whether as a result of a including but not limited to the bankruptcy, insolvency or other similar proceeding being instituted by or against the Insurer or any successor Insurer or substitute or replacement Insurer or for any other reasonInsurer; or (iii) . no death benefits have been paid under the Policy to the Bank (or, or to the extent of any endorsement agreed to by the Bank to the Insured, to the Insured’s estate or the Beneficiaries), then no amounts shall be due hereunder by Bank to Insured, Insured’s estate or beneficiaries). The Insured and his beneficiaries shall hereby and will in the future, hold the Bank harmless from any payment obligation hereunder to the extent that such obligation is negated by the occurrence of an event described in Subsections subsections (i), (ii) or (iii)) occurs or a claim under the Policy has not been paid for any reason by the Insurer or death benefits have not been paid under the Policy to Bank (or to the extent of any endorsement agreed to by Bank to the Insured, the Insured’s estate or the beneficiaries) by Insurer. (b) b. It is the intent of the parties that this Agreement shall provide provides for a death benefit only and shall not provide the provides Insured with a no right to the any policy cash value of the Policy or any and no retirement or deferred compensation benefits or rights. (c) c. It is the intent of the parties that any of the Insured’s rights to payment hereunder shall be funded solely from the Policy proceeds, proceeds and the Bank shall have no liability or obligation to the Insured in the event of non-payment of Policy death proceeds under the Policy or a default by the of Insurer for any reason. (d) The Insured shall assist the Bank in obtaining the Policy by, from time to time and promptly upon the request of the Bank, supplying any information necessary to obtain the Policy and submitting to any physical examinations required therefor.

Maintenance of Policy. The Bank acquired It is the Policy through the payment of a single premium, and the Insured acknowledges that the Bank is under no obligation to pay any additional premiums Bank’s intention to maintain any particular level of death benefit coverage a life insurance policy pursuant to its obligations under the Policythis Agreement. Subject to the foregoing limitation and the provisions of Section 8 belowAccordingly, the Bank shall will be responsible for making any required premium payments and to take all other actions within the Bank’s reasonable control in order to keep the Policy in full force and effecteffect during such time; provided, however, that the Bank may replace the Policy with a comparable policy or policies so long as the Insured’s beneficiaries will be entitled to receive an amount of death proceeds under Section 6 substantially equal to those that the beneficiaries would be entitled to receive if the original Policy were to remain in effect. If any such replacement is made, all references herein to the “Policy” shall will thereafter be references to such replacement policy or policiespolicy. If the Policy contains any premium waiver provision, any such waived premiums shall will be considered for the purposes of this Agreement as having been paid by the Bank. The Bank shall will be under no obligation to set aside, earmark earmark, or otherwise segregate any funds with which to pay its obligations under this Agreement, including, but not limited to, payment of Policy premiums. (a) Notwithstanding anything in this Agreement to the contrary, no amounts shall be due or owing to in the Insured or the Insured’s estate or beneficiaries under this Agreement if, event that for any reason: (i) reason the insurance company identified on Exhibit C (the “Insurer”) , or any successor Insurer or substitute or replacement Insurer Insurer, denies a claim under the Policy; (ii) ; the Insurer or any successor Insurer or substitute or replacement Insurer fails to pay a claim under the Policy, whether as a result of a Policy for reasons including but not limited to the bankruptcy, insolvency or other similar proceeding being instituted by or against the Insurer or any successor Insurer or substitute or replacement Insurer Insurer; or for any other reason; or (iii) if no death benefits have been paid under the Policy to the Bank (or, or to the extent of any endorsement agreed to by the Bank to the Insured, to the Insured’s estate or the Beneficiaries), then no amounts will be due hereunder to Insured, Insured’s estate, or beneficiaries). The Insured and his beneficiaries shall hereby, and will in the future, hold the Bank harmless from any payment obligation hereunder to the extent that such obligation is negated by the occurrence of an event described in Subsections above occurs or a claim under the Policy has not been paid for any reason by the Insurer or death benefits have not been paid under the Policy to Bank (i)or to the extent of any endorsement agreed to by Bank to the Insured, (iithe Insured’s estate, or the beneficiaries) or (iii)by Insurer. (b) It is the intent of the parties that this Agreement shall provide provides for a death benefit only and shall not provide the provides Insured with a no right to the any policy cash value of the Policy or any and no retirement or deferred compensation benefits or rights. (c) It is the intent of the parties that any of the Insured’s rights to payment hereunder shall will be funded solely from the Policy proceeds, and the Bank shall will have no liability or obligation to the Insured in the event of non-payment of Policy death proceeds under the Policy or a default by the of Insurer for any reason. (d) The Insured shall assist the Bank in obtaining the Policy by, from time to time and promptly upon the request of the Bank, supplying any information necessary to obtain the Policy and submitting to any physical examinations required therefor.

Maintenance of Policy. The Bank acquired It is the Policy through the payment of a single premium, and the Insured acknowledges that the Bank is under no obligation to pay any additional premiums Company’s intention to maintain any particular level a life insurance policy for the benefit of death benefit coverage under the PolicyInsured. Subject to the foregoing limitation and the provisions of Section 8 belowAccordingly, the Bank Company shall be responsible for making any required premium payments and to take all other actions within the BankCompany’s reasonable control in order to keep the Policy in full force and effect; provided, however, that the Bank Company may replace the Policy with a comparable policy or policies so long as the Insured’s beneficiaries will be entitled to receive an amount of death proceeds under Section 7 substantially equal to those that the beneficiaries would be entitled to receive if the original Policy were to remain in effect. If any such replacement is made, all references herein to the “Policy” shall thereafter be references to such replacement policy or policies. If the Policy contains any premium waiver provision, any such waived premiums shall be considered for the purposes of this Agreement as having been paid by the BankCompany. The Bank Company shall be under no obligation to set aside, earmark or otherwise segregate any funds with which to pay its obligations under this Agreement, including, but not limited to, payment of Policy premiums. (a) Notwithstanding anything in this Agreement to the contrary, no amounts shall be due or owing to in the Insured or the Insured’s estate or beneficiaries under this Agreement if, event that for any reason: (i) the insurance company identified on Exhibit C (the “Insurer”) or any successor Insurer or substitute or replacement Insurer denies a claim under the Policy; (ii) the Insurer or any successor Insurer or substitute or replacement Insurer fails to pay a claim under the Policy, whether as a result of a including but not limited to the bankruptcy, insolvency or other similar proceeding being instituted by or against the Insurer or any successor Insurer or substitute or replacement Insurer or for any other reasonInsurer; or (iii) no death benefits have been paid under the Policy to the Bank (orCompany, to the extent of any endorsement by the Bank to the Insured, to Insured or the Insured’s estate or beneficiaries), then no amounts shall be due hereunder by the Company to the Insured or the Insured’s estate or beneficiaries. The Insured and his the Insured’s estate and beneficiaries shall hereby and will in the future, hold the Bank Company harmless from any payment obligation hereunder to the extent that such obligation is negated by the occurrence of an event described in Subsections subsections (i), (ii) or (iii)) occurs or a claim under the Policy has not been paid for any reason by the Insurer or death benefits have not been paid under the Policy to the Company, the Insured or the Insured’s estate or beneficiaries by the Insurer. (b) It is the intent of the parties that this Agreement shall provide provides for a death benefit only and shall not provide provides none of the Insured or the Insured’s estate or beneficiaries with a any right to the any policy cash value of the Policy or to any retirement or deferred compensation benefits or rights. (c) It is the intent of the parties that any of the Insured’s rights to payment hereunder shall be funded solely from the Policy proceeds, proceeds and the Bank Company shall have no liability or obligation to the Insured or the Insured’s estate or beneficiaries in the event of non-payment of Policy death proceeds under the Policy or a default by of the Insurer for any reason. (d) The Insured shall assist the Bank in obtaining the Policy by, from time to time and promptly upon the request of the Bank, supplying any information necessary to obtain the Policy and submitting to any physical examinations required therefor.

Maintenance of Policy. The Bank acquired It is the Policy through Bank’s intention to maintain a life insurance policy for the payment benefit of a single premium, and the Insured acknowledges that during the Bank is under no obligation to pay any additional premiums to maintain any particular level of death benefit coverage under Insured’s employment with the PolicyBank. Subject to the foregoing limitation and the provisions of Section 8 belowAccordingly, the Bank shall be responsible for making any required premium payments and to take all other actions within the Bank’s reasonable control in order to keep the Policy in full force and effect; provided, however, that the Bank may must replace the Policy with a comparable policy or policies so long as the Insured’s beneficiaries will be entitled to receive an amount of death proceeds under Section 6 substantially equal to those that the beneficiaries would be entitled to receive if the original Policy were to remain in effect. If any such replacement is made, all references herein to the “Policy” shall thereafter be references to such replacement policy or policies. If the Policy contains any premium waiver provision, any such waived premiums shall be considered for the purposes of this Agreement as having been paid by the Bank. The Bank shall be under no obligation to set aside, earmark or otherwise segregate any funds with which to pay its obligations under this Agreement, including, but not limited to, payment of Policy premiums. The parties acknowledge that as of the Execution Date all Policy premiums have been paid in full. (a) Notwithstanding anything in this Agreement to the contrary, no amounts shall be due or owing to in the Insured or the Insured’s estate or beneficiaries under this Agreement if, event that for any reason: (i) the insurance company identified on The Insurer as defined in Exhibit C (the “Insurer”) A, or any successor Insurer or substitute or replacement Insurer denies a claim under the Policy; (ii) the The Insurer or any successor Insurer or substitute or replacement Insurer fails to pay a claim under the Policy, whether including but not limited to as a result of a the bankruptcy, insolvency or other similar proceeding being instituted by or against the Insurer or any successor Insurer or substitute or replacement Insurer or for any other reasonInsurer; or (iii) no No death benefits have been paid under the Policy to the Bank (or, or to the extent of any endorsement agreed to by the Bank to the Insured, to the Insured’s estate or the Beneficiaries); then no amounts shall be due hereunder by Bank to Insured, Insured’s estate or beneficiaries). The Insured and his all beneficiaries shall hereby and will in the future, hold the Bank harmless from any payment obligation hereunder to the extent that such obligation is negated by the occurrence of an event described in Subsections subsections (i), (ii) or (iii)) occurs or a claim under the Policy has not been paid for any reason by the Insurer or death benefits have not been paid under the Policy to Bank (or to the extent of any endorsement agreed to by Bank to the Insured, the Insured’s estate or the beneficiaries) by Insurer. This hold harmless provision shall not preclude nor prevent Insured and his beneficiaries from seeking any recoveries from or against Insurer. (b) It is the intent of the parties that this Agreement shall provide provides for a death benefit only and shall not provide the provides Insured with a right to the cash value of the Policy or any no retirement or deferred compensation benefits or rights. In addition, it is the intent of the parties that this Agreement shall provide a benefit only while Insured is employed by the Bank, and this Agreement shall terminate upon Insured’s termination of employment in accordance with the provisions of Paragraph 9(a)(iii). (c) It is the intent of the parties that any of the Insured’s rights to payment hereunder shall be funded solely from the Policy proceeds, proceeds and the Bank shall have no liability or obligation to the Insured in the event of non-payment of Policy death proceeds under the Policy or a default by the of Insurer for any reason. (d) The Insured shall assist , unless such non-payment is solely due to the Bank in obtaining the Policy by, from time to time and promptly upon the request action or inaction of the Bank, supplying any information necessary to obtain the Policy and submitting to any physical examinations required therefor.

Maintenance of Policy. The Bank acquired It is the Policy through the payment of a single premium, and the Insured acknowledges that the Bank is under no obligation to pay any additional premiums Bank’s intention to maintain any particular level a life insurance policy for the benefit of death benefit coverage under the PolicyInsured. Subject to the foregoing limitation and the provisions of Section 8 belowAccordingly, the Bank shall be responsible for making any required premium payments and to take all other actions within the Bank’s reasonable control in order to keep the Policy in full force and effect; provided, however, that the Bank may must replace the Policy with a comparable policy or policies so long as the Insured’s beneficiaries will be entitled to receive an amount of death proceeds under Section 6 substantially equal to those that the beneficiaries would be entitled to receive if the original Policy were to remain in effect. If any such replacement is made, all references herein to the “Policy” shall thereafter be references to such replacement policy or policies. If the Policy contains any premium waiver provision, any such waived premiums shall be considered for the purposes of this Agreement as having been paid by the Bank. The Bank shall be under no obligation to set aside, earmark or otherwise segregate any funds with which to pay its obligations under this Agreement, including, but not limited to, payment of Policy premiums. The parties acknowledge that as of the date hereof all Policy premiums have been paid in full. (a) Notwithstanding anything in this Agreement to the contrary, no amounts shall be due or owing to in the Insured or the Insured’s estate or beneficiaries under this Agreement if, event that for any reason: (i) the insurance company identified on The Insurer as defined in Exhibit C (the “Insurer”) A, or any successor Insurer or substitute or replacement Insurer denies a claim under the Policy; (ii) the The Insurer or any successor Insurer or substitute or replacement Insurer fails to pay a claim under the Policy, whether including but not limited to as a result of a the bankruptcy, insolvency or other similar proceeding being instituted by or against the Insurer or any successor Insurer or substitute or replacement Insurer or for any other reasonInsurer; or (iii) no No death benefits have been paid under the Policy to the Bank (or, or to the extent of any endorsement agreed to by the Bank to the Insured, to the Insured’s estate or the Beneficiaries); then no amounts shall be due hereunder by Bank to Insured, Insured’s estate or beneficiaries). The Insured and his all beneficiaries shall hereby and will in the future, hold the Bank harmless from any payment obligation hereunder to the extent that such obligation is negated by the occurrence of an event described in Subsections subsections (i1), (ii) or (iii)) occurs or a claim under the Policy has not been paid for any reason by the Insurer or death benefits have not been paid under the Policy to Bank (or to the extent of any endorsement agreed to by Bank to the Insured, the Insured’s estate or the beneficiaries) by Insurer. This hold harmless provision shall not preclude nor prevent Insured and his beneficiaries from seeking any recoveries from or against Insurer. (b) It is the intent of the parties that this Agreement shall provide provides for a death benefit only and shall not provide the provides Insured with a right to the cash value of the Policy or any no retirement or deferred compensation benefits or rights. In addition, it is the intent of the parties that this Agreement shall provide a benefit only while Insured is employed by the Bank, and this Agreement shall terminate upon Insured’s termination of employment in accordance with the provisions of Paragraph 8(a)(iii). (c) It is the intent of the parties that any of the Insured’s rights to payment hereunder shall be funded solely from the Policy proceeds, proceeds and the Bank shall have no liability or obligation to the Insured in the event of non-payment of Policy death proceeds under the Policy or a default by the of Insurer for any reason. (d) The Insured shall assist , unless such non-payment is solely due to the Bank in obtaining the Policy by, from time to time and promptly upon the request action or inaction of the Bank, supplying any information necessary to obtain the Policy and submitting to any physical examinations required therefor.